Potash is an important element vital for the proper functioning of all living organisms. Potassium is important for ensuring the healthy growth of the plants. Potash is considered to be an important plant nutrient for increasing the quality and production of food.
The deficiency of the potassium leads to poor crop quality, poor water utilization, reduction in crop yields, and increased susceptibility to disease and pests.
Market Drivers
Agriculture is the key driver of the potash market. The increase in the fertilizer for enhanced agriculture demand is an important factor for the growing demand of the potash market. The rise in population and increased urbanization accelerates the demand for food. The growing food demand necessitates the farmers to potash as fertilizers for enhanced food production. The potash market is anticipated to grow by a CAGR of more than 4% during the forecast period.
The decline in the arable area, rise in popularity of alkaline battery, rise in food demand, and lack of freshwater, and economic growth are the important market drivers of the global potash market. The increase in the application of natural minerals in the biofuel industry is also another factor escalating the growth of the market.
The stringent regulations and the growth in the organic manure market are some of the barriers that restrict the growth of the global market.
The key market players of the global potash market are Agrium, Intrepid Potash, Uralkali, Qinghai Salt Lake, Sinofert Holdings, PotashCorp, Vale, ICL, SQM, and Belaruskali. Other significant players in the market are Nutrien and the Mosaic Company.
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Market Classification
The global potash market is segmented based on application, type, and region.
Depending on the application, the potash market is divided into general industrial application, fertilizer, and other applications. The fertilizer segment is the leading market in the global scenario. The fertilizer market is anticipated to witness further growth over the forecast period.
Based on the type, the market is segmented into potassium nitrate, potassium chloride, and potassium sulphate.
Based on the region, the global potash market encompasses the regions of North America, China, Europe, and Japan. Europe is the global market leader of potash. The rise in the manufacturing capabilities of the chemical Plants of Europe and the increase in demand in the dye and textile industries are driving the growth in the region. The Asia Pacific region is anticipated to witness market growth in the forecast period owing to the rise in agriculture. The growing population in the Asia Pacific region is driving the need for agricultural and food products. The government initiatives are accelerating the growth in the region.
Current Industry Trend
The adoption of potash for hydroponic farming is the recent market trend in the potash industry. The hydroponics technique of farming finds application in bioresearch as well as for home farming. The hydroponics systems make use of potassium chloride and potassium sulphate instead of only potassium for farming. The latest farming technique of hydroponics will lead to the growth of the potash market in the future.
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